Interesting People mailing list archives
Re Bitcoin price manipulation
From: "Dave Farber" <dave () farber net>
Date: Thu, 25 Jan 2018 21:34:02 +0000
---------- Forwarded message --------- From: David S. H. Rosenthal <dshr () abitare org> Date: Thu, Jan 25, 2018 at 1:36 PM Subject: Re: Bitcoin price manipulation To: <dave () farber net>
From: Charley Kline <csk () mail com> Date: Thu, Jan 25, 2018 at 12:46 PM Subject: Bitcoin price manipulation To: Dave Farber <dave () farber net> Researchers find that one person likely drove Bitcoin from $150 to $1,000.
https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/
Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have
written a fascinating paper on Bitcoin price manipulation. Entitled “Price Manipulation in the Bitcoin Ecosystem” and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors. See also: http://www.tetherreport.com/ * Author’s opinion - it is highly unlikely that Tether is growing through any organic business process, rather that they are printing in response to market conditions. * Tether printing moves the market appreciably; 48.8% of BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet. * Bitfinex withdrawal/deposit statistics are unusual and would give rise to further scrutiny in a typical accounting environment. * If there is questionable activity, the author believes a 30-80% reduction in BTC price could be forecast. PS - Tether printed another $100M yesterday, adding to this record: https://twitter.com/Silver_Watchdog/status/955327588284612608 "Tether Net Annual Issuance 2014 $100 2015 $951,550 2016 $9,000,000 2017 $1,405,047,515 2018 $750,000,000" PPS - Nicholas Weaver tweets: https://twitter.com/ncweaver/status/954033664601473026 "At current prices, net new Bitcoin requires $18M of net new $ flowing in to maintain the price. Yet there is a net $100M/day of fake $s in the form of Tethers... If that Tether printing press ever breaks, there will be a true bloodbath on the cryptocurrency prices. Good." Nouriel Roubini responds: https://twitter.com/Nouriel/status/956482056254455809 "Indeed Tether/USDT used to manipulate Bitcoin prices. Without this scam Bitcoin price would collapse by 80%. Regulators asleep at the wheel while $2 billion of fake $ created via this scam, half of it since December. Not even North Korea created so many fake $ backed by nothing" David. ------------------------------------------- Archives: https://www.listbox.com/member/archive/247/=now RSS Feed: https://www.listbox.com/member/archive/rss/247/18849915-ae8fa580 Modify Your Subscription: https://www.listbox.com/member/?member_id=18849915&id_secret=18849915-aa268125 Unsubscribe Now: https://www.listbox.com/unsubscribe/?member_id=18849915&id_secret=18849915-32545cb4&post_id=20180125163419:7E302DA8-0217-11E8-94D5-D6D8F7CCFE85 Powered by Listbox: http://www.listbox.com
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- Re Bitcoin price manipulation Dave Farber (Jan 26)